v3.26.3
CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)
 9 Months Ended 12 Months Ended
Sep. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Amortized Cost $ 1,062,180,000 [1],[2],[3] $ 1,029,526,000 [4],[5],[6]
Total investments 1,528,152,000 [1],[2],[3] 1,404,092,000 [4],[5],[6]
OTHER ASSETS IN EXCESS OF LIABILITIES 2,140,000 [1],[2],[3] 14,265,000 [4],[5],[6]
NET ASSETS–100.0% 1,530,292,000 [1],[2],[3] 1,418,357,000 [4],[5],[6]
First lien    
Amortized Cost 66,990,000 [1],[2],[3] 66,990,000 [4],[5],[6]
Total investments $ 66,990,000 [1],[2],[3] $ 66,990,000 [4],[5],[6]
First lien | Clarion Safety Systems, LLC    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
First lien | Clarion Safety Systems, LLC | Visual Safety Solutions    
Principal Amount / No. Shares $ 22,500,000 [1],[2],[3] $ 22,500,000 [4],[5],[6]
Amortized Cost 22,500,000 [1],[2],[3] 22,500,000 [4],[5],[6]
Total investments 22,500,000 [1],[2],[3] 22,500,000 [4],[5],[6]
First lien | Lawn Doctor, Inc. | Commercial and Professional Services    
Principal Amount / No. Shares [1],[2],[3],[7] 29,490,000  
Amortized Cost [1],[2],[3],[7] 29,490,000  
Total investments [1],[2],[3],[7] $ 29,490,000  
First lien | Madison Retirement Holdings TopCo, LLC    
Interest Rate [1],[2],[3] 0.150  
First lien | Madison Retirement Holdings TopCo, LLC | Retirement Plan Services    
Principal Amount / No. Shares [1],[2],[3] $ 15,000,000  
Amortized Cost [1],[2],[3] 15,000,000  
Total investments [1],[2],[3] 15,000,000  
First lien | Lawn Doctor, Inc | Commercial and Professional Services    
Principal Amount / No. Shares [4],[5],[6],[8]   29,490,000
Amortized Cost [4],[5],[6],[8]   29,490,000
Total investments [4],[5],[6],[8]   $ 29,490,000
First lien | Madison Retirement Holdings TopCo, LLC    
Interest Rate [4],[5],[6]   0.150
First lien | Madison Retirement Holdings TopCo, LLC | Retirement Plan Services    
Principal Amount / No. Shares [4],[5],[6]   $ 15,000,000
Amortized Cost [4],[5],[6]   15,000,000
Total investments [4],[5],[6]   15,000,000
Secured    
Amortized Cost 175,639,000 [1],[2],[3] 175,826,000 [4],[5],[6]
Total investments $ 175,639,000 [1],[2],[3] $ 175,826,000 [4],[5],[6]
Secured | ATA Holding Company, LLC    
Interest Rate 0.150 [1],[2],[3],[9] 0.150 [4],[5],[6],[10]
Secured | ATA Holding Company, LLC | Real Estate Services    
Principal Amount / No. Shares $ 37,000,000 [1],[2],[3],[9] $ 37,000,000 [4],[5],[6],[10]
Amortized Cost 37,000,000 [1],[2],[3],[9] 37,000,000 [4],[5],[6],[10]
Total investments $ 37,000,000 [1],[2],[3],[9] $ 37,000,000 [4],[5],[6],[10]
Secured | Auriemma Consulting Group, Inc.    
Interest Rate 0.080 [1],[2],[3],[9] 0.080 [4],[5],[6],[10]
Secured | Auriemma Consulting Group, Inc. | Information Services and Advisory Solutions    
Principal Amount / No. Shares $ 2,000,000 [1],[2],[3],[9] $ 2,000,000 [4],[5],[6],[10]
Amortized Cost 2,000,000 [1],[2],[3],[9] 2,000,000 [4],[5],[6],[10]
Total investments $ 2,000,000 [1],[2],[3],[9] $ 2,000,000 [4],[5],[6],[10]
Secured | Healthcare Safety Holdings, LLC    
Interest Rate 0.150 [1],[2],[3],[9] 0.150 [4],[5],[6],[10]
Secured | Healthcare Safety Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares $ 24,400,000 [1],[2],[3],[9] $ 24,400,000 [4],[5],[6],[10]
Amortized Cost 24,400,000 [1],[2],[3],[9] 24,400,000 [4],[5],[6],[10]
Total investments $ 24,400,000 [1],[2],[3],[9] $ 24,400,000 [4],[5],[6],[10]
Secured | Polyform Products, Co.    
Interest Rate 0.160 [1],[2],[3],[9] 0.160 [4],[5],[6],[10]
Secured | Polyform Products, Co. | Hobby Goods and Supplies    
Principal Amount / No. Shares $ 15,700,000 [1],[2],[3],[9] $ 15,700,000 [4],[5],[6],[10]
Amortized Cost 15,700,000 [1],[2],[3],[9] 15,700,000 [4],[5],[6],[10]
Total investments $ 15,700,000 [1],[2],[3],[9] $ 15,700,000 [4],[5],[6],[10]
Secured | Sill Holdings, LLC    
Interest Rate 0.140 [1],[2],[3],[9] 0.140 [4],[5],[6],[10]
Secured | Sill Holdings, LLC | Insurance Services    
Principal Amount / No. Shares $ 15,851,000 [1],[2],[3],[9] $ 15,851,000 [4],[5],[6],[10]
Amortized Cost 15,851,000 [1],[2],[3],[9] 15,851,000 [4],[5],[6],[10]
Total investments $ 15,851,000 [1],[2],[3],[9] $ 15,851,000 [4],[5],[6],[10]
Secured | Tacmed Holdings, LLC    
Interest Rate 0.160 [1],[2],[3],[9] 0.160 [4],[5],[6],[10]
Secured | Tacmed Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares $ 29,000,000 [1],[2],[3],[9] $ 29,000,000 [4],[5],[6],[10]
Amortized Cost 29,000,000 [1],[2],[3],[9] 29,000,000 [4],[5],[6],[10]
Total investments 29,000,000 [1],[2],[3],[9] 29,000,000 [4],[5],[6],[10]
Secured | Vektek Holdings, LLC | Engineered Products    
Principal Amount / No. Shares [1],[2],[3],[7],[9] 24,188,000  
Amortized Cost [1],[2],[3],[7],[9] 24,188,000  
Total investments [1],[2],[3],[7],[9] $ 24,188,000  
Secured | Vektek Holdings, LLC | Engineered Products    
Principal Amount / No. Shares [4],[5],[6],[8],[10]   24,375,000
Amortized Cost [4],[5],[6],[8],[10]   24,375,000
Total investments [4],[5],[6],[8],[10]   $ 24,375,000
Secured | IFPG TopCo, LLC    
Interest Rate 0.150 [1],[2],[3],[9] 0.150 [4],[5],[6],[10]
Secured | IFPG TopCo, LLC | Franchise Consulting Services    
Principal Amount / No. Shares $ 27,500,000 [1],[2],[3],[9] $ 27,500,000 [4],[5],[6],[10]
Amortized Cost 27,500,000 [1],[2],[3],[9] 27,500,000 [4],[5],[6],[10]
Total investments 27,500,000 [1],[2],[3],[9] 27,500,000 [4],[5],[6],[10]
Second lien    
Amortized Cost 63,206,000 [1],[2],[3] 63,206,000 [4],[5],[6]
Total investments $ 63,206,000 [1],[2],[3] $ 63,206,000 [4],[5],[6]
Second lien | Auriemma U.S. Roundtables    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions    
Principal Amount / No. Shares $ 12,114,000 [1],[2],[3] $ 12,114,000 [4],[5],[6]
Amortized Cost 12,114,000 [1],[2],[3] 12,114,000 [4],[5],[6]
Total investments $ 12,114,000 [1],[2],[3] $ 12,114,000 [4],[5],[6]
Second lien | Blue Ridge ESOP Associates    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Blue Ridge ESOP Associates | Retirement Plan Services    
Principal Amount / No. Shares $ 2,641,000 [1],[2],[3] $ 2,641,000 [4],[5],[6]
Amortized Cost 2,641,000 [1],[2],[3] 2,641,000 [4],[5],[6]
Total investments $ 2,641,000 [1],[2],[3] $ 2,641,000 [4],[5],[6]
Second lien | Lawn Doctor, Inc    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | Lawn Doctor, Inc | Commercial and Professional Services    
Principal Amount / No. Shares $ 15,000,000 [1],[2],[3] $ 15,000,000 [4],[5],[6]
Amortized Cost 15,000,000 [1],[2],[3] 15,000,000 [4],[5],[6]
Total investments $ 15,000,000 [1],[2],[3] $ 15,000,000 [4],[5],[6]
Second lien | Milton Industries Inc    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Milton Industries Inc | Engineered Products    
Principal Amount / No. Shares $ 3,353,000 [1],[2],[3] $ 3,353,000 [4],[5],[6]
Amortized Cost 3,353,000 [1],[2],[3] 3,353,000 [4],[5],[6]
Total investments $ 3,353,000 [1],[2],[3] $ 3,353,000 [4],[5],[6]
Second lien | Resolution Economics, LLC    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Resolution Economics, LLC | Legal Services    
Principal Amount / No. Shares $ 2,834,000 [1],[2],[3] $ 2,834,000 [4],[5],[6]
Amortized Cost 2,834,000 [1],[2],[3] 2,834,000 [4],[5],[6]
Total investments $ 2,834,000 [1],[2],[3] $ 2,834,000 [4],[5],[6]
Second lien | SDC Holdco LLC    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | SDC Holdco LLC | Restaurant and Food    
Principal Amount / No. Shares $ 684,000 [1],[2],[3] $ 684,000 [4],[5],[6]
Amortized Cost 684,000 [1],[2],[3] 684,000 [4],[5],[6]
Total investments $ 684,000 [1],[2],[3] $ 684,000 [4],[5],[6]
Second lien | USA Industries Holdings, LLC    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | USA Industries Holdings, LLC | Engineered Products    
Principal Amount / No. Shares $ 804,000 [1],[2],[3] $ 804,000 [4],[5],[6]
Amortized Cost 804,000 [1],[2],[3] 804,000 [4],[5],[6]
Total investments $ 804,000 [1],[2],[3] $ 804,000 [4],[5],[6]
Second lien | USA Water Intermediate Holdings, LLC    
Interest Rate 0.160 [1],[2],[3] 0.160 [4],[5],[6]
Second lien | USA Water Intermediate Holdings, LLC | Commercial and Professional Services    
Principal Amount / No. Shares $ 1,376,000 [1],[2],[3] $ 1,376,000 [4],[5],[6]
Amortized Cost 1,376,000 [1],[2],[3] 1,376,000 [4],[5],[6]
Total investments $ 1,376,000 [1],[2],[3] $ 1,376,000 [4],[5],[6]
Second lien | Vektek Holdings, LLC    
Interest Rate 0.150 [1],[2],[3] 0.150 [4],[5],[6]
Second lien | Vektek Holdings, LLC | Engineered Products    
Principal Amount / No. Shares $ 24,400,000 [1],[2],[3] $ 24,400,000 [4],[5],[6]
Amortized Cost 24,400,000 [1],[2],[3] 24,400,000 [4],[5],[6]
Total investments $ 24,400,000 [1],[2],[3] $ 24,400,000 [4],[5],[6]
Senior Secured PIK Notes    
Investment, interest rate, paid in kind 1.20% [1],[2],[3] 1.30% [4],[5],[6]
Amortized Cost $ 17,918,000 [1],[2],[3] $ 18,383,000 [4],[5],[6]
Total investments $ 17,828,000 [1],[2],[3] 18,611,000 [4],[5],[6]
Senior Secured PIK Notes | LOCI Topoco Limited 3.84% PIK 1 | Legal Services    
Investment, interest rate, paid in kind [1],[2],[3],[11],[12],[13],[14] 3.84%  
Principal Amount / No. Shares $ 8,959,000 [1],[2],[3],[11],[13] 9,192,000 [4],[5],[6],[15],[16]
Amortized Cost 8,959,000 [1],[2],[3],[11],[13] 9,192,000 [4],[5],[6],[15],[16]
Total investments 8,914,000 [1],[2],[3],[11],[13] 9,306,000 [4],[5],[6],[15],[16]
Senior Secured PIK Notes | LOCI Topoco Limited 3.84% PIK 2 | Legal Services    
Principal Amount / No. Shares 8,959,000 [1],[2],[3],[11],[14] 9,191,000 [4],[5],[6],[15],[17]
Amortized Cost 8,959,000 [1],[2],[3],[11],[14] 9,191,000 [4],[5],[6],[15],[17]
Total investments 8,914,000 [1],[2],[3],[11],[14] 9,305,000 [4],[5],[6],[15],[17]
Total Senior Secured Notes    
Amortized Cost 323,753,000 [1],[2],[3] 324,405,000 [4],[5],[6]
Total investments 323,663,000 [1],[2],[3] 324,633,000 [4],[5],[6]
Preferred Equity    
Amortized Cost 80,451,000 [1],[2],[3] 77,480,000 [4],[5],[6]
Total investments 82,792,000 [1],[2],[3] $ 81,285,000 [4],[5],[6]
Preferred Equity | LOCI Topoco Limited 8.16% PIK    
Investment, interest rate, paid in kind [4],[5],[6],[15],[18],[19]   8.16%
Preferred Equity | LOCI Topoco Limited 8.16% PIK | Legal Services    
Principal Amount / No. Shares 1,476,168 [1],[2],[3],[11],[20] $ 989,505 [4],[5],[6],[15],[19]
Amortized Cost 1,476,000 [1],[2],[3],[11],[20] 990,000 [4],[5],[6],[15],[19]
Total investments $ 1,455,000 [1],[2],[3],[11],[20] $ 994,000 [4],[5],[6],[15],[19]
Preferred Equity | LOCI Topoco Limited 8.5% PIK    
Investment, interest rate, paid in kind 8.50% [1],[2],[3],[11],[12],[21] 8.50% [4],[5],[6],[15],[18],[22]
Preferred Equity | LOCI Topoco Limited 8.5% PIK | Legal Services    
Principal Amount / No. Shares $ 70,168,515 [1],[2],[3],[11],[21] $ 67,997,448 [4],[5],[6],[15],[22]
Amortized Cost 70,169,000 [1],[2],[3],[11],[21] 67,997,000 [4],[5],[6],[15],[22]
Total investments $ 72,584,000 [1],[2],[3],[11],[21] $ 71,697,000 [4],[5],[6],[15],[22]
Preferred Equity | LOCI Topoco Limited 12.0% PIK    
Investment, interest rate, paid in kind 12.00% [1],[2],[3],[11],[12],[23] 12.00% [4],[5],[6],[15],[18],[24]
Preferred Equity | LOCI Topoco Limited 12.0% PIK | Legal Services    
Principal Amount / No. Shares $ 8,806,288 [1],[2],[3],[11],[23] $ 8,492,564 [4],[5],[6],[15],[24]
Amortized Cost 8,806,000 [1],[2],[3],[11],[23] 8,493,000 [4],[5],[6],[15],[24]
Total investments 8,753,000 [1],[2],[3],[11],[23] 8,594,000 [4],[5],[6],[15],[24]
Common Equity, Investment    
Amortized Cost 657,976,000 [1],[2],[3] 627,641,000 [4],[5],[6]
Total investments 1,121,697,000 [1],[2],[3] 998,174,000 [4],[5],[6]
Common Equity, Investment | Clarion Safety Systems, LLC | Visual Safety Solutions    
Principal Amount / No. Shares 68,891 [1],[2],[3],[25] 68,891 [4],[5],[6],[26]
Amortized Cost 70,316,000 [1],[2],[3],[25] 70,316,000 [4],[5],[6],[26]
Total investments 120,900,000 [1],[2],[3],[25] 108,558,000 [4],[5],[6],[26]
Common Equity, Investment | ATA Holding Company, LLC | Real Estate Services    
Principal Amount / No. Shares 37,985 [1],[2],[3],[25] 37,985 [4],[5],[6],[26]
Amortized Cost 37,125,000 [1],[2],[3],[25] 37,125,000 [4],[5],[6],[26]
Total investments 39,921,000 [1],[2],[3],[25] 36,050,000 [4],[5],[6],[26]
Common Equity, Investment | Healthcare Safety Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares 17,320 [1],[2],[3],[25] 17,320 [4],[5],[6],[26]
Amortized Cost 17,320,000 [1],[2],[3],[25] 17,320,000 [4],[5],[6],[26]
Total investments 47,332,000 [1],[2],[3],[25] 44,533,000 [4],[5],[6],[26]
Common Equity, Investment | Polyform Products, Co. | Hobby Goods and Supplies    
Principal Amount / No. Shares 10,820 [1],[2],[3],[25] 10,820 [4],[5],[6],[26]
Amortized Cost 15,599,000 [1],[2],[3],[25] 15,599,000 [4],[5],[6],[26]
Total investments 11,565,000 [1],[2],[3],[25] 10,752,000 [4],[5],[6],[26]
Common Equity, Investment | Sill Holdings, LLC | Insurance Services    
Principal Amount / No. Shares 87,869 [1],[2],[3],[25] 85,828 [4],[5],[6],[26]
Amortized Cost 100,049,000 [1],[2],[3],[25] 96,249,000 [4],[5],[6],[26]
Total investments 177,300,000 [1],[2],[3],[25] 157,788,000 [4],[5],[6],[26]
Common Equity, Investment | Tacmed Holdings, LLC | Healthcare Supplies    
Principal Amount / No. Shares 77,528 [1],[2],[3],[25] 77,000 [4],[5],[6],[26]
Amortized Cost 77,434,000 [1],[2],[3],[25] 76,744,000 [4],[5],[6],[26]
Total investments 111,872,000 [1],[2],[3],[25] 100,331,000 [4],[5],[6],[26]
Common Equity, Investment | Auriemma U.S. Roundtables | Information Services and Advisory Solutions    
Principal Amount / No. Shares 36,864 [1],[2],[3],[25] 33,094 [4],[5],[6],[26]
Amortized Cost 42,276,000 [1],[2],[3],[25] 33,476,000 [4],[5],[6],[26]
Total investments 90,772,000 [1],[2],[3],[25] 69,758,000 [4],[5],[6],[26]
Common Equity, Investment | Blue Ridge ESOP Associates | Retirement Plan Services    
Principal Amount / No. Shares 15,027 [1],[2],[3] 11,489 [4],[5],[6]
Amortized Cost 21,238,000 [1],[2],[3] 8,072,000 [4],[5],[6]
Total investments 65,552,000 [1],[2],[3] 43,234,000 [4],[5],[6]
Common Equity, Investment | Lawn Doctor, Inc | Commercial and Professional Services    
Principal Amount / No. Shares 7,746 [1],[2],[3],[25] 7,746 [4],[5],[6],[26]
Amortized Cost 27,610,000 [1],[2],[3],[25] 27,610,000 [4],[5],[6],[26]
Total investments 104,962,000 [1],[2],[3],[25] 100,355,000 [4],[5],[6],[26]
Common Equity, Investment | Milton Industries Inc | Engineered Products    
Principal Amount / No. Shares 8,060 [1],[2],[3] 7,395 [4],[5],[6]
Amortized Cost 10,911,000 [1],[2],[3] 8,903,000 [4],[5],[6]
Total investments 24,610,000 [1],[2],[3] 19,898,000 [4],[5],[6]
Common Equity, Investment | Resolution Economics, LLC | Legal Services    
Principal Amount / No. Shares 7,666 [1],[2],[3] 7,666 [4],[5],[6]
Amortized Cost 7,645,000 [1],[2],[3] 7,645,000 [4],[5],[6]
Total investments 29,780,000 [1],[2],[3] 23,163,000 [4],[5],[6]
Common Equity, Investment | SDC Holdco LLC | Restaurant and Food    
Principal Amount / No. Shares 6,816 [1],[2],[3] 6,816 [4],[5],[6]
Amortized Cost 6,281,000 [1],[2],[3] 6,764,000 [4],[5],[6]
Total investments 7,600,000 [1],[2],[3] 7,123,000 [4],[5],[6]
Common Equity, Investment | USA Industries Holdings, LLC | Engineered Products    
Principal Amount / No. Shares 4,196 [1],[2],[3] 4,196 [4],[5],[6]
Amortized Cost 4,196,000 [1],[2],[3] 4,196,000 [4],[5],[6]
Total investments 4,876,000 [1],[2],[3] 4,196,000 [4],[5],[6]
Common Equity, Investment | USA Water Intermediate Holdings, LLC | Commercial and Professional Services    
Principal Amount / No. Shares 86,245 [1],[2],[3] 86,245 [4],[5],[6]
Amortized Cost 8,142,000 [1],[2],[3] 8,624,000 [4],[5],[6]
Total investments 14,869,000 [1],[2],[3] 13,199,000 [4],[5],[6]
Common Equity, Investment | Vektek Holdings, LLC | Engineered Products    
Principal Amount / No. Shares 56,928 [1],[2],[3],[25] 56,928 [4],[5],[6],[26]
Amortized Cost 56,928,000 [1],[2],[3],[25] 56,928,000 [4],[5],[6],[26]
Total investments 75,221,000 [1],[2],[3],[25] 69,240,000 [4],[5],[6],[26]
Common Equity, Investment | IFPG TopCo, LLC | Franchise Consulting Services    
Principal Amount / No. Shares 93,371 [1],[2],[3],[25] 90,500 [4],[5],[6],[26]
Amortized Cost 93,500,000 [1],[2],[3],[25] 90,500,000 [4],[5],[6],[26]
Total investments 94,100,000 [1],[2],[3],[25] 92,672,000 [4],[5],[6],[26]
Common Equity, Investment | LOCI Topoco Limited | Legal Services    
Principal Amount / No. Shares 104,624 [1],[2],[3],[11] 104,624 [4],[5],[6],[15]
Amortized Cost 134,000 [1],[2],[3],[11] 134,000 [4],[5],[6],[15]
Total investments 729,000 [1],[2],[3],[11] 5,829,000 [4],[5],[6],[15]
Common Equity, Investment | Madison Retirement Holdings TopCo, LLC | Retirement Plan Services    
Principal Amount / No. Shares 61,500 [1],[2],[3],[25] 61,500 [4],[5],[6],[26]
Amortized Cost 61,272,000 [1],[2],[3],[25] 61,436,000 [4],[5],[6],[26]
Total investments $ 99,736,000 [1],[2],[3],[25] $ 91,495,000 [4],[5],[6],[26]
[1] All investments are US based unless otherwise noted.
[2] Percentages represent fair value as a percentage of net assets for each investment category.
[3] Security may be an obligation of one or more entities affiliated with the named company.
[4] All investments are US based unless otherwise noted.
[5] Percentages represent fair value as a percentage of net assets for each investment category.
[6] Security may be an obligation of one or more entities affiliated with the named company.
[7] As of September 30, 2026, the senior debt investments in Lawn Doctor and Vektek accrue interest at a per annum rate of SOFR + 4.60% and SOFR + 4.35%, respectively. SOFR at September 30, 2026 was 3.75%.
[8] As of December 31, 2025, the senior debt investments in Lawn Doctor and Vektek accrue interest at a per annum rate of SOFR + 4.60%. SOFR at December 31, 2025 was 3.79%.
[9] The Company has a first lien on this portfolio company’s assets, except in cases when the portfolio company has a revolving line of credit provided by a third party lender. In some instances the revolving lender has a first priority lien on all assets, whereas, in others, the revolving lender has a first priority lien on only accounts receivable and inventory, if applicable, and a second lien on all other assets.
[10] The Company has a first lien on this portfolio company’s assets, except in cases when the portfolio company has a revolving line of credit provided by a third party lender. In some instances the revolving lender has a first priority lien on all assets, whereas, in others, the revolving lender has a first priority lien on only accounts receivable and inventory, if applicable, and a second lien on all other assets.
[11] LBR is headquartered in the United Kingdom. LBR investment represents 6.6% of net assets based on fair value as of September 30, 2026.
[12] PIK income is computed at the contractual rate in each applicable agreement and is accrued and recorded as PIK receivable and capitalized to the principal balance on the anniversary date, as applicable.
[13] Represents Tranche A2 PIK Notes, which are subordinate to other notes issued by LOCI Midco 1 Limited (subsidiary of LOCI TopCo Limited).
[14] Represents Tranche B2 PIK Notes, which are subordinate to other notes issued by LOCI Midco I Limited (subsidiary of LOCI TopCo Limited).
[15] LBR is headquartered in the United Kingdom. LBR investment represents 7.5% of net assets based on fair value as of December 31, 2025.
[16] Represents Tranche A2 PIK Notes, which are subordinate to other notes issued by LOCI Midco 1 Limited (subsidiary of LOCI TopCo Limited).
[17] Represents Tranche B2 PIK Notes, which are subordinate to other notes issued by LOCI Midco I Limited (subsidiary of LOCI TopCo Limited).
[18] PIK income is computed at the contractual rate in each applicable agreement and is accrued and recorded as income and capitalized to the principal balance on the anniversary date, as applicable.
[19] Represents A2 Preferred Share of LOCI TopCo Limited.
[20] Represents A2 Preferred Shares of LOCI TopCo Limited.
[21] Represents B2 Preferred Shares of LOCI TopCo Limited.
[22] Represents B2 Preferred Shares of LOCI TopCo Limited.
[23] Represents B3 Preferred Shares of LOCI TopCo Limited.
[24] Represents B3 Preferred Shares of LOCI TopCo Limited.
[25] As of September 30, 2026, the Company owned a controlling interest in this portfolio company.
[26] As of December 31, 2025, the Company owned a controlling interest in this portfolio company.